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Hearts Majority Owner UBIG Is Insolvent


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bloomberg news

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club hearts is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website

The department, part of the economy ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.

UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.

UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website

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There's no money in flats at present, 25% would need to be for social housing. Flats are what fucked up the housing market allied with Buy To Let.

Go near any builder to sell land for flats and they may look at the land for their landbank but would be extremely hard pushed to build.

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Have a swatch at jamboskickback if ye fancy a laugh, fuckign diddy arses twitching all over the shop as it dawns on them they are not the bastions of morality they professed to be last year and are in fact a bunch of skint cunts cheating their way to SPL survival by postponing the inevitable.

Durty Jambo barstewards.

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What are the ods nothing happens to Hearts until 1 minute after the end of the last game of the season....

Thus preventing their relegation.

You believe that the SPL are powerful enough to stop Russian creditors from taking action when they wish?

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You believe that the SPL are powerful enough to stop Russian creditors from taking action when they wish?

Nope, but I believe it will not be ANNOUNCED until 1 minute after the end of the season.

Remember, until the middle of this season, when the SPL changed their rules, it used to be 1st June - but as the SPL KNOW that Hearts cannot cling on until then.....

So that'll be Dundee safe then, Hearts in the SFL1 (at best), SFL3 (at 2nd best) or completely gone (their obvious worse case scenario)

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Nope, but I believe it will not be ANNOUNCED until 1 minute after the end of the season.

Remember, until the middle of this season, when the SPL changed their rules, it used to be 1st June - but as the SPL KNOW that Hearts cannot cling on until then.....

So that'll be Dundee safe then, Hearts in the SFL1 (at best), SFL3 (at 2nd best) or completely gone (their obvious worse case scenario)

You think the SPL will put a blanket ban on the reporting of any court judgements going against the club?

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You think the SPL will put a blanket ban on the reporting of any court judgements going against the club?

I just don;t think it will happen that quick.

The only assets the club have are the stadium (mortgaged up to its approx value) and the club itself - which can be worth most as an SPL club.

Expect all sorts of help being offered to Hearts to save them.

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I just don;t think it will happen that quick.

The only assets the club have are the stadium (mortgaged up to its approx value) and the club itself - which can be worth most as an SPL club.

Expect all sorts of help being offered to Hearts to save them.

The '1 minute after....' part inferred that there was a scurrilous plan afoot.

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I just don;t think it will happen that quick.

The only assets the club have are the stadium (mortgaged up to its approx value) and the club itself - which can be worth most as an SPL club.

Expect all sorts of help being offered to Hearts to save them.

The club do not own the stadium so it is not an assett, the staidum is used as security against a debt to one of the companies, therefore the administrator/liquidator of that company own the stadium, or more importantly the land it sits on, with their job being to claw back as much as possible for creditors then the stadium/land WILL be sold to the highest bidder, which means any fans gp rich guy wanting to save them will have to outbid tesco etc and then STILL have to fork out for the club millions in debt in a SEPERATE transaction, the admins may consider a deal selling the club and the stadium as a package but that will have to be very close to the 25 million figure they are in debt to the tune of, and who the fuck is gonna pay that for them?

They really are in a dark dark place right now.

best scenario buy the stadium and start a new club, and I mean a new club in every sense of the word, or buy the club and make it homeless hoping to use murrayfiled or maybe even livingstones ground just cannot see anyone buying both.

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